Correlation Between Cansino Biologics and Impulse Qingdao
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By analyzing existing cross correlation between Cansino Biologics and Impulse Qingdao Health, you can compare the effects of market volatilities on Cansino Biologics and Impulse Qingdao and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Cansino Biologics with a short position of Impulse Qingdao. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cansino Biologics and Impulse Qingdao.
Diversification Opportunities for Cansino Biologics and Impulse Qingdao
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Cansino and Impulse is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Cansino Biologics and Impulse Qingdao Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Impulse Qingdao Health and Cansino Biologics is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Cansino Biologics are associated (or correlated) with Impulse Qingdao. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Impulse Qingdao Health has no effect on the direction of Cansino Biologics i.e., Cansino Biologics and Impulse Qingdao go up and down completely randomly.
Pair Corralation between Cansino Biologics and Impulse Qingdao
Assuming the 90 days trading horizon Cansino Biologics is expected to generate 5.49 times less return on investment than Impulse Qingdao. But when comparing it to its historical volatility, Cansino Biologics is 1.15 times less risky than Impulse Qingdao. It trades about 0.02 of its potential returns per unit of risk. Impulse Qingdao Health is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 1,823 in Impulse Qingdao Health on October 7, 2024 and sell it today you would earn a total of 376.00 from holding Impulse Qingdao Health or generate 20.63% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Cansino Biologics vs. Impulse Qingdao Health
Performance |
Timeline |
Cansino Biologics |
Impulse Qingdao Health |
Cansino Biologics and Impulse Qingdao Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Cansino Biologics and Impulse Qingdao
The main advantage of trading using opposite Cansino Biologics and Impulse Qingdao positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cansino Biologics position performs unexpectedly, Impulse Qingdao can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Impulse Qingdao will offset losses from the drop in Impulse Qingdao's long position.Cansino Biologics vs. Guangzhou KingTeller Technology | Cansino Biologics vs. Yuan Longping High tech | Cansino Biologics vs. Kuangda Technology Group | Cansino Biologics vs. Anhui Transport Consulting |
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Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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